LARES ASSET SECURITIZATION, INC.



                         Luminent Mortgage Trust 2007-2

                   Mortgage-Backed Certificates, Series 2007-2

                             UNDERWRITING AGREEMENT



                                                                 April 27, 2007



Citigroup Global Markets Inc.

390 Greenwich Street, 6th Floor

New York, NY  10013



Greenwich Capital Markets, Inc.

600 Steamboat Road

Greenwich, CT  06830



Ladies and Gentlemen:



     Lares Asset  Securitization,  Inc., a Delaware corporation (the "Company"),

confirms  its  agreement  to sell to Citigroup  Global  Markets Inc.  (the "Lead

Underwriter"),   Greenwich   Capital   Markets,   Inc.  (the   "Co-Underwriter")

(collectively,  the "Underwriters"),  all of Luminent Mortgage Trust 2007-2 (the

"Trust"), Mortgage-Backed Certificates, Series 2007-2, Class I-A-1, Class I-A-2,

Class I-A-3,  Class I-A-4,  Class I-A-5,  Class I-B-1, Class I-B-2, Class I-B-3,

Class I-B-4,  Class II-A-1,  Class II-A-2,  Class  II-A-3,  Class II-B-1,  Class

II-B-2,  Class II-B-3, Class II-B-4, Class II-B-5, Class II-B-6 and Class II-B-7

(collectively,   the  "Underwritten  Securities"),   and  the  purchase  by  the

Underwriters,  acting severally and not jointly, of their respective  percentage

of the  Certificate  Principal  Balances  of  each  class  of  the  Underwritten

Securities  set forth below their names in Schedule I hereto.  The  Underwritten

Securities,  together with the Class I-C-1,  Class I-C-2, Class I-P, Class II-C,

Class  II-P,  Class  R  and  Class  RX  Certificates   (collectively   with  the

Underwritten Securities, the "Certificates") not sold to the Underwriters,  will

evidence the entire  beneficial  interest in a pool of  adjustable  rate one- to

four-family  residential  mortgage loans (the "Mortgage  Loans") as described in

the Prospectus  Supplement (as hereinafter defined) acquired by the Company from

Maia Mortgage Finance Statutory Trust, a Maryland business trust (the "Seller").



     The Certificates will be issued pursuant to a Pooling Agreement dated as of

April 1, 2007 (the "Pooling  Agreement"),  among the Company,  the Seller, Wells

Fargo Bank,  N.A., as master  servicer (the "Master  Servicer")  and  securities

administrator  (the  "Securities  Administrator"),  and HSBC Bank USA,  National

Association,  as trustee (the "Trustee"). The Mortgage Loans will be serviced by

a number of servicers  pursuant to various servicing  agreements (the "Servicing

Agreements")  assigned  to the  Trust.  Custody  of the  Mortgage  Loans will be

pursuant to a custodial agreement (the "Custodial  Agreement") dated as of April

1, 2007 by and between the Trustee and Wells Fargo Bank, N.A., as custodian. The

Supplemental  Interest  Trustee,  on  behalf  of  the  Trust  and  the  Class  I

Certificateholders,  will also enter a cap agreement ("Cap  Agreement") and swap

agreement ("Swap  Agreement") with ABN AMRO Bank, N.A., as the counterparty (the

"Cap Provider or Swap Provider," as applicable), each dated as of May 1, 2007.

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     At or prior to the time when sales to  investors of the  Certificates  were

first made (the "Time of Sale"),  the Company had  prepared a term sheet,  dated

April 18,  2007,  with respect to the Class II  Certificates  (as defined in the

Pooling  Agreement) and a term sheet,  dated April 24, 2007, with respect to the

Class I Certificates (as defined in the Pooling Agreement),  for distribution to

prospective  investors  (the  information   contained  therein,   together  with

information regarding the price and interest rate of the Certificates, the "Time

of Sale  Information").  If,  subsequent to the Time of Sale, the Company or any

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